A 
28
-3.45%
Close of 9 Nov 2026, in JPY
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At a glance
Figures in JPY, from our data supplier.
Revenue
¥973.6m
FY2016FY2025
Net income
−¥763.1m
FY2016FY2025
Free cash flow
−¥486.5m
FY2016FY2025
Shareholders' equity
¥804.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ¥973.6m | ¥1.58bn | ¥2.14bn | ¥2.67bn | ¥2.66bn | ¥2.78bn | ¥2.90bn | ¥2.47bn | ¥3.31bn | ¥3.20bn |
| Operating income | −¥520.3m | −¥305.5m | −¥98.9m | ¥13.2m | ¥11.9m | −¥702.7m | −¥697.9m | −¥498.4m | −¥301.5m | −¥500.0m |
| Net income | −¥763.1m | −¥388.6m | −¥102.4m | −¥100.6m | ¥74.6m | −¥825.1m | −¥1.20bn | −¥511.1m | −¥316.3m | −¥459.0m |
| Diluted earnings per share | -38.89 | -35.51 | -9.54 | -9.50 | 5.58 | -121.02 | -198.37 | -105.35 | -72.27 | -104.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | ¥1.33bn | ¥925.1m | ¥1.42bn | ¥1.56bn | ¥1.71bn | ¥816.0m | ¥1.93bn | ¥2.00bn | ¥1.68bn | ¥2.25bn |
| Cash and short-term investments | ¥919.1m | ¥510.9m | ¥906.0m | ¥1.24bn | ¥1.14bn | ¥406.7m | ¥1.17bn | ¥740.9m | ¥969.3m | ¥1.35bn |
| Total liabilities | ¥520.9m | ¥457.9m | ¥568.4m | ¥625.4m | ¥1.02bn | ¥987.9m | ¥1.65bn | ¥1.05bn | ¥1.00bn | ¥1.25bn |
| Debt | ¥376.5m | ¥356.6m | ¥356.6m | ¥378.9m | ¥713.3m | ¥725.5m | ¥1.23bn | ¥614.8m | ¥647.8m | ¥680.8m |
| Shareholders' equity | ¥804.7m | ¥467.1m | ¥854.1m | ¥935.1m | ¥691.9m | −¥171.9m | ¥281.5m | ¥950.0m | ¥680.6m | ¥989.7m |
| Shares outstanding | 20m | 11m | 11m | 11m | 13m | 7m | 6m | 5m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −¥466.6m | −¥288.0m | −¥172.9m | ¥93.5m | −¥13.6m | −¥660.1m | −¥498.8m | −¥389.6m | −¥127.5m | −¥335.1m |
| Capital spending | −¥19.9m | −¥51.3m | −¥102.5m | — | −¥13.6m | — | −¥2.4m | −¥1.1m | −¥19.7m | −¥46.4m |
| Free cash flow | −¥486.5m | −¥339.3m | −¥275.3m | ¥93.5m | −¥27.2m | −¥660.1m | −¥501.2m | −¥390.7m | −¥147.2m | −¥381.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | ¥373.8m | ¥320.9m | ¥321.7m | ¥214.0m | ¥247.1m | ¥219.1m | ¥293.3m | ¥250.6m |
| Operating income | −¥78.0m | −¥149.5m | −¥154.1m | −¥185.7m | −¥103.6m | −¥123.3m | −¥107.6m | −¥92.8m |
| Net income | −¥78.9m | −¥255.2m | −¥196.7m | −¥264.3m | −¥230.5m | −¥157.2m | −¥111.1m | −¥98.1m |
| Diluted earnings per share | -3.89 | -12.56 | -10.02 | -13.47 | -11.75 | -8.01 | -10.15 | -8.96 |
| Total assets | ¥452.9m | ¥560.3m | ¥849.1m | ¥1.33bn | ¥1.46bn | ¥1.45bn | ¥978.8m | ¥925.1m |
| Cash and short-term investments | ¥148.2m | ¥240.4m | ¥367.8m | ¥919.1m | ¥955.4m | ¥821.0m | ¥507.2m | ¥510.9m |
| Debt | — | — | — | ¥382.6m | ¥3.5m | ¥356.6m | — | — |
| Shareholders' equity | ¥345.4m | ¥437.3m | ¥659.3m | ¥804.7m | ¥957.8m | ¥967.3m | ¥488.3m | ¥467.1m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | -78.7% | -24.5% | -4.7% | -3.6% | 3.0% | -25.2% | — | — |
| Net margin | -78.4% | -24.5% | -4.8% | -3.8% | 2.8% | -29.6% | — | — |
| Return on equity | -94.8% | -83.2% | -12.0% | -10.8% | 10.8% | 479.9% | — | — |
| Return on assets | -57.6% | -42.0% | -7.2% | -6.4% | 4.4% | -101.1% | — | — |
| Free cash flow yield | -69.0% | -65.6% | -19.9% | — | 0.0% | — | -248.6% | -242.7% |
| Revenue growth | -38.6% | -26.1% | -19.7% | 0.6% | -4.6% | -3.8% | — | — |
| Earnings growth | 96.4% | 279.4% | 1.8% | -234.9% | -109.0% | -31.3% | — | — |
| Current ratio | 2.16x | 6.76x | 5.58x | 5.99x | 4.96x | 1.65x | — | — |
| Debt to equity | 0.48x | 0.76x | 0.42x | 0.41x | 1.03x | -4.22x | — | — |
| Equity ratio | 60.7% | 50.5% | 60.0% | 59.9% | 40.4% | -21.1% | — | — |
| Interest coverage | -7589.40x | -244.09x | -36.20x | -47.95x | 195.64x | -236.69x | — | — |
| Buybacks as a share of market value | -79.4% | -2.0% | -1.3% | 20.7% | -96.0% | -12.7% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -28.6% | -19.0% | -10.9% |
| Operating income | — | -5.8% | — |
| Net income | 96.5% | -1.5% | 19.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -32.3% | -12.4% | -12.5% | -13.0% |
| Net margin | -45.0% | -18.4% | -16.4% | -17.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.2 | -2.4 | -14.7 | -17.7 | 49.6 | -1.4 | -2.1 | -3.6 | -11.3 | -6.2 |
| Price to sales | 0.9 | 0.6 | 0.7 | 0.7 | 1.4 | 0.4 | 0.8 | 0.8 | 1.1 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 Sept 2008.
| FY2009 | |
|---|---|
| Paid in the year | 10.00 |
- 100-for-1 split · 27 Mar 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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